News items from the press relevant to the 50+
Millions of women over 40 are ‘sleepwalking into retirement poverty’, a report reveals today.
Nearly one in two women in this age group who are married or have a long-term partner have no personal pension and are wrongly assuming they will be financially secure if they find themselves on their own.
Many gave up careers in order to focus on raising their young children, leaving their husband to become the sole breadwinner – including the job of building up a pension.
Becky Barrow writes in The Daily Mail,
Jill Insley writes in the Guardian, 1st No vember 2011
It has become fashionable, indeed almost obligatory, for public figures in their fifties and sixties to turn on their own generation, and blame it for more or less all of our present problems. The baby-boomers, we are frequently told by one of their number, are shiftless, hedonistic, selfish and generally more fortunate than they deserve to be.
Everything bad about the modern world is pretty much their fault: unemployment, global warming, traffic, housing problems, the recession, wars, crime, pension problems, general moral collapse. When, all those years ago, Roger Daltrey of The Who sang that he was t-t-talkin' about his generation, he can have had little idea that, four decades on, the generation would still be talking about itself, and almost always in whingey, self-lacerating tones.Terence Blacker writes in The Indpendent, 1st November 2011
Middle class workers aged 50 and above are being forced to delay their retirement until they are ‘at least 70’, with many blaming their children, a report revealed yesterday. It said their retirement dreams are being crushed with most postponing their retirement date by around five years.
It is not just the soaring cost of living which is triggering the delay. Many blame the fact that they are constantly having to bail out their grown-up children at an age when they presumed they would be financially independentArticle by Becky Barrow, Daily Mail, 1st November 2011
According to the Office for National Statistics (ONS), there were 8.3 million people actively paying into occupational pension schemes last year, the lowest figure since 1956.
The number of savers in workplace schemes slumped by 400,000 between 2009 and 2010 as people either stopped paying into their pensions to save money or lost their jobs.
Thousands of teachers and lecturers are due to descend on parliament to lobby MPs over pension reforms in an attempt to stave off their biggest strike for decades.
The mass lobby on Wednesday will be the first time in history that all the UK's major teaching unions have taken action together over a single issue.The Guardian, 26th October 2011
The National Association of Pension Funds (NAPF) estimated that around a third of employees would opt out when auto-enrolment schemes start next year.
It called on pension providers to be more open about charges to help avoid an exodus.
A survey carried out for NAPF found that 27pc of people thought it unlikely they would remain in the auto-enrolment schemes, while 57pc said it was likely and 16pc were unsure.
Pensioners surviving on a fixed income are the biggest losers from rocketing inflation that is ‘silently stealing older people’s assets’, experts warned yesterday.
The Office for National Statistics revealed on Tuesday that inflation has leapt to 5.2 per cent – the same level as in September 2008, which was the highest since records began.
This is a nightmare for pensioners because around 80 per cent who cash in their pension pot opt for a ‘level’ annuity, which means it does not increase with inflation.
Becky Barrow, The Daily Mail, 20th October 2011
State pension payments will rise by 5.2% in April 2012 in line with September's inflation figure, as measured by CPI.
But critics of the government's decision to adopt the lower measure of inflation, rather than RPI, for the uprating of the basic and joint state pension claim it will take millions out of pensioners' pockets.
The September CPI figure of 5.2%, the highest since September 2008, means the basic single state pension will increase by £5.31 to £107.46 a week from April 2012, while the joint state pension will increase by £8.49 to £171.84.Mark King, The Guardian 18th October 2011
The Daily Telegraph, 14th October 2011
The state pension age is to rise to 67 for both men and women many years earlier than planned – possibly as soon as 2025.
This means millions of people currently in their 50s will have to work a year longer than they expected
Women who would have endured a two-year increase in their state pension age will now wait 18 months instead, following an amendment to the pension bill.
The welfare secretary, Ian Duncan Smith, has announced that the timetable included in the bill currently going through parliament will be changed, with the rise in the state pension age to 66 delayed until October 2020. The increase was previously planned for April 2020.Jill Insley writes in The Guardian, 13th October 2011
People should only be counted as elderly once they reach the age of 75, a charity report said yesterday.
It said that the number of people who live by themselves or who say they are lonely leaps up among those who have passed the age of 75.
But many in the traditional pensioner age group – those over 65 – continue to lead lives similar to those of younger middle-aged people.The Daily Mail, 11th October 2011
Stock market turmoil and record low interest rates have left workers nearing retirement with private pensions worth substantially less than those who finished work three years ago, new figures show.
Overall pension incomes are now 30% lower than they were three years ago when the government began attempts to boost the economy through quantitative easing, according to accountants PricewaterhouseCoopers.The Guardian, 8th October 2011
Age UK writes in The Guardian, 30th September 2011
Age equality campaigners have hailed the end of employment rules forcing people on to the 'scrap heap' at the age of 65. From tomorrow, bosses will no longer be able to set a mandatory retirement age, as the Government brings in changes to reflect people living longer and healthier lives.
A phasing out period of the default retirement age (DRA), which enables employers to force staff to retire at 65, is completed this weekend.The Daily Mail reports on 30th September 2011
More than a third of working age British adults have stopped making pension contributions, according to research by insurer Prudential. The insurer's study found that 35% of British adults who are to retire have stopped paying into pension schemes, with a third of those citing unemployment as the reason and another 27% saying they can no longer afford the contributions.
More than two-fifths of those who have stopped making contributions do not plan to start again, despite the impact it will have on their retirement income. Prudential has calculated that a saver who misses a year of gross contributions of £2,400 could see their final pension fund reduced by £7,000.The Guardian, 28th September 2011
Around two million people over the age of 50 say they will rely on their property, not a pension, to pay for their retirement, a study reveals today. The report says the number of ‘hippies’ – the name coined for people who use their home as a pension – has soared in recent years. As the stock market has collapsed, more and more people are relying on bricks and mortar to pay for their old age.
Consumer Affairs Editor, The Telegraph 20th September 2011
Mark Ellis writes in the Mirror, 15th September 2011
Ros Altmann writes in the The Telegraph, 14th September 2011
Becky Barrow writes in The Daily Mail, 14th September 2011
Joia Shillingford writes in The Independent, 11th September 2011
Helene Mulholland writes in The Guardian, 8th September 2011
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